Inhibrx Biosciences (NASDAQ:INBX) Sees Unusually-High Trading Volume – Here’s What Happened

Inhibrx Biosciences, Inc. (NASDAQ:INBX) shares saw unusually-high trading volume on Tuesday . 332,846 shares were traded during mid-day trading, an increase of 7% from the previous session’s volume of 311,249 shares.The stock last traded at $97.0620 and had previously closed at $121.17.

Wall Street Analyst Weigh In

INBX has been the topic of several research analyst reports. HC Wainwright began coverage on shares of Inhibrx Biosciences in a research note on Monday, August 24th. They set a “buy” rating and a $245.00 target price on the stock. Citigroup reaffirmed a “market perform” rating on shares of Inhibrx Biosciences in a research report on Thursday, August 27th. Wall Street Zen downgraded shares of Inhibrx Biosciences from a “hold” rating to a “strong sell” rating in a research report on Monday, August 17th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Inhibrx Biosciences in a research note on Tuesday, June 16th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $197.50.

Inhibrx Biosciences Stock Performance

The stock has a market cap of $1.59 billion, a P/E ratio of -12.04 and a beta of 3.66. The company has a current ratio of 5.07, a quick ratio of 5.07 and a debt-to-equity ratio of 12.58. The company’s 50-day simple moving average is $97.77 and its 200 day simple moving average is $92.51.

Inhibrx Biosciences (NASDAQ:INBX) last issued its quarterly earnings results on Thursday, August 13th. The company reported ($2.34) EPS for the quarter, missing analysts’ consensus estimates of ($2.28) by ($0.06). As a group, sell-side analysts expect that Inhibrx Biosciences, Inc. will post -9.91 EPS for the current fiscal year.

Hedge Funds Weigh In On Inhibrx Biosciences

Hedge funds and other institutional investors have recently made changes to their positions in the stock. California State Teachers Retirement System raised its position in Inhibrx Biosciences by 149,396.5% in the second quarter. California State Teachers Retirement System now owns 734,028 shares of the company’s stock worth $69,549,000 after acquiring an additional 733,537 shares during the period. NINE MASTS CAPITAL Ltd purchased a new stake in shares of Inhibrx Biosciences during the 2nd quarter worth approximately $284,000. Harvest Management LLC purchased a new stake in shares of Inhibrx Biosciences during the 2nd quarter worth approximately $246,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Inhibrx Biosciences by 29,850.7% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 20,067 shares of the company’s stock worth $1,901,000 after purchasing an additional 20,000 shares during the period. Finally, Ratan Capital Management LP purchased a new position in Inhibrx Biosciences in the second quarter valued at approximately $1,574,000. 82.46% of the stock is owned by hedge funds and other institutional investors.

About Inhibrx Biosciences

Inhibrx, Inc, headquartered in La Jolla, California, is a clinical-stage biotechnology company focused on the discovery and development of next-generation protein therapeutics. The company’s proprietary protein engineering platform enables the design and production of multispecific and multivalent biologics with tailored binding characteristics and favorable pharmacokinetic properties. By leveraging high-throughput screening and structure-based design, Inhibrx aims to create molecules that address challenging targets in oncology, regenerative medicine and other areas of unmet medical need.

The company’s lead candidate, INBRX-109, is a tetravalent agonist of the receptor tyrosine kinase ROR2 designed to stimulate tissue repair and regeneration.